# Lagged & Differenced Demographics → REER

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| E1: Z_lag5 → log REER | log_reer_combined | 3,017 | 99 | 0.010 |
| E2: ΔZ → log REER | log_reer_combined | 3,017 | 99 | -0.002 |
| E3: OADR+20 → log REER | log_reer_combined | 1,144 | 98 | 0.046 |
| E4: Z_lag5 → Δlog REER | d_log_reer | 3,013 | 99 | 0.011 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| E1: Z_lag5 → log REER | Z_1_lag5 | -0.9111 | 0.3783 | 0.0161 | ** |
| E1: Z_lag5 → log REER | Z_2_lag5 | 0.1191 | 0.0555 | 0.0319 | ** |
| E1: Z_lag5 → log REER | Z_3_lag5 | -0.0044 | 0.0022 | 0.0464 | ** |
| E2: ΔZ → log REER | d_Z_1 | -1.3372 | 0.7386 | 0.0703 | * |
| E2: ΔZ → log REER | d_Z_2 | 0.2564 | 0.1147 | 0.0254 | ** |
| E2: ΔZ → log REER | d_Z_3 | -0.0116 | 0.0048 | 0.0156 | ** |
| E3: OADR+20 → log REER | oadr_plus20 | -0.4636 | 0.1838 | 0.0118 | ** |
| E4: Z_lag5 → Δlog REER | Z_1_lag5 | -0.0003 | 0.0850 | 0.9970 |  |
| E4: Z_lag5 → Δlog REER | Z_2_lag5 | 0.0045 | 0.0125 | 0.7155 |  |
| E4: Z_lag5 → Δlog REER | Z_3_lag5 | -0.0003 | 0.0005 | 0.5527 |  |

*Lagged and differenced demographics*